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raising taxes for everybody making more than $250,000 a year and adding a few other tax-related items in there. maybe spending but it's unclear. the question is whether or not they can put all that together in a way to get enough republican votes in order to pass the senate and then would have to have enough votes to pass the house as well. whether they can do that in the next few days is an open question. >> just procedurally too, that takes time. and congress notoriously moves slowly. one wall street economist suggested, and this caught my attention, bun ji jump off the cliff. meaning we'll bounce back afterwards meaning once the tax hikes goes into effect congress will have no choice. they will have to introduce a bill that everyone can agree on. what's your take on that. what are your congressional sources saying to you privately? >> they are saying the betting money is on that right noug. it's an interesting way to put it. the whole concept of taking a vote in the next five days on anything would effectively would be to raise taxes. each of the senators would be taking a vote tha
raising taxes for everybody making more than $250,000 a year and adding a few other tax-related items in there. maybe spending but it's unclear. the question is whether or not they can put all that together in a way to get enough republican votes in order to pass the senate and then would have to have enough votes to pass the house as well. whether they can do that in the next few days is an open question. >> just procedurally too, that takes time. and congress notoriously moves slowly....
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Dec 30, 2012
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the minimum tax and the estate tax. that is everything that would hit average americans. the fiscal cliff, it may be bigger than people realize. don? >> lisa, thank you very much. a lot of us would like to tell lawmakers what we think of them. here is your chance right now, go to our ireport.com and start a message and we will play them to congress on air. it's murder charges now for a new york city woman who we are told has confessed to pushing a man in the subway track to his death. these details are new and we are still gathering information. there is david, he is in new york. david, what has this woman confessed? >> she seems to have confessed to a hate crime, don, she has been charged with second degree murder in the case of this man who was pushed off the subway platform in queens on thursday. and the queens district attorney's office released this statement. it was a quote from her saying i pushed a muslim off the tracks, ever since they put down the twin towers i've been beating them up. this adds a twist to the case that riled new york. this is the second inciden
the minimum tax and the estate tax. that is everything that would hit average americans. the fiscal cliff, it may be bigger than people realize. don? >> lisa, thank you very much. a lot of us would like to tell lawmakers what we think of them. here is your chance right now, go to our ireport.com and start a message and we will play them to congress on air. it's murder charges now for a new york city woman who we are told has confessed to pushing a man in the subway track to his death....
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Dec 29, 2012
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president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories from raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. both democrats and republicans deploy scorched earth tactics that nearly shut down the government and ultimately cost america its aaa credit rating for the first time in history. >>> but in a last minnesota minute compromise, both sides agree to $1 trillion in spending cuts up front, and another $1.2 trillion in cuts to be decided by a special congressional super committee. but a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect, starting january 2013. at the exact moment when those bush tax cuts extended for two years, if you remember, would exp
president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories from raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. both democrats and republicans deploy scorched earth tactics that nearly shut down the government and...
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now, the majority leader senator reid said he's readying a bill for a vote on monday to prevent a tax hike on incomes up to $250,000. senator reid said his bill will include all of the additional provisions that the president outlined that include long-term unemployment benefits, a continuation of those. that would be sort of the plan b for democrats simply because what they would rather do is get a bill with senator reid working in conjunction with senator mcconnell. senator reid said he's awaiting good faith proposals from the republicans. president obama said after the meeting that he is modestly optimistic a deal can be reached, but as you can hear from senator reid, the president asked that if a deal between republicans and democrats cannot be reached, then the president wants just an up or down vote on what he wants, which is quite simply no income tax rates going up for people making $250,000 and under. and an extension of long-term unemployment benefits. and that's of course for the long-term unemployed as well as what's known as a dock fix which has to do with medicare paymen
now, the majority leader senator reid said he's readying a bill for a vote on monday to prevent a tax hike on incomes up to $250,000. senator reid said his bill will include all of the additional provisions that the president outlined that include long-term unemployment benefits, a continuation of those. that would be sort of the plan b for democrats simply because what they would rather do is get a bill with senator reid working in conjunction with senator mcconnell. senator reid said he's...
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Dec 29, 2012
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the majority leader harry reid said he's readying a bill for a vote on monday to prevent a tax hike on incomes up to $250,000. senator reid said his bill will include all the additional elements the president outlined, including long-term unemployment benefits, the continuation of those. that would be a plan b that would be a plan b for democrats. what they would rather do is get a bill with senator reid working in conjunction with senator mcconnell. senator reid says he is awaiting good faith proposals from the republicans. president obama said after the meeting he is modestly optimistic a deal can be reached. and an extension of long-term unemployment benefits. and that's of course for the long-term unemployed as well as what's known as a dock fix which has to do with medicare payments to doctors. that's where we are. we don't expect anything big in the next 24 hours, but this is after all washington. right now, it's time for piers morgan tonight. >> tonight, tyler perry is a successful writer, director, actor. >> she told me you're the best interviewer in the world, so i'm worried.
the majority leader harry reid said he's readying a bill for a vote on monday to prevent a tax hike on incomes up to $250,000. senator reid said his bill will include all the additional elements the president outlined, including long-term unemployment benefits, the continuation of those. that would be a plan b that would be a plan b for democrats. what they would rather do is get a bill with senator reid working in conjunction with senator mcconnell. senator reid says he is awaiting good faith...
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Dec 27, 2012
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five days away from the tax hike. as you probably know, the president pulled the plug on his holiday trip to hawaii and arrived back in washington after 11:00 this morning in hopes of locking in taxes as they are right now for all but the wealgyest 2 percewealgy e wealthiest 2%. the house is telling us no, that is not the case. i got jessica yellen standing by and we have dana barb who is standing by and they are there on capitol hill. what is the mix up between sending a plan and not sending a plan by the president? >> hi, john. the bottom line is both sides want to take action and before senat senator mcconnell decides whether to filibuster the measure and whether the other republicans in the party will filibuster, they have to see the details in the proposal. will there be an estate tax provision? how will unemployment which is expected to be extended? will it be paid for? what spending measures will be in this and spending cuts, etc. there will be more details spelled out and where will that come from? will it com
five days away from the tax hike. as you probably know, the president pulled the plug on his holiday trip to hawaii and arrived back in washington after 11:00 this morning in hopes of locking in taxes as they are right now for all but the wealgyest 2 percewealgy e wealthiest 2%. the house is telling us no, that is not the case. i got jessica yellen standing by and we have dana barb who is standing by and they are there on capitol hill. what is the mix up between sending a plan and not sending a...
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Dec 24, 2012
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if no agreement is reached, americans will be paying higher taxes next year. president obama and house speaker boehner will be back to work this thursday to try and reach a last-minute deal. >>> his doctors are optimistic but they aren't ready to release former president george herbert walker bush. the 88-year-old is expected to stay in a houston hospital over christmas. mr. bush was treated for bronchitis in early november. he has been in the hospital for more than a month. >>> and you know who knows if you've been bad or good. norad is tracking santa as he delivers presents around the world. he is definitely on the move. we're here to report, making his way to the u.s. norad says it uses fighter jets and even santa cams to watch st. nick. he's been watching us all year, now we're watching him. i'm natalie allen with a look at the headlines this christmas eve. now back to the "the two marys." ♪ >>> for centuries, she has been portrayed as a sinner, a prostitute whom jesus saves. in films such as "jesus christ superstar." ♪ i never thought i'd come to this
if no agreement is reached, americans will be paying higher taxes next year. president obama and house speaker boehner will be back to work this thursday to try and reach a last-minute deal. >>> his doctors are optimistic but they aren't ready to release former president george herbert walker bush. the 88-year-old is expected to stay in a houston hospital over christmas. mr. bush was treated for bronchitis in early november. he has been in the hospital for more than a month....
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capital gains taxes increasing from 15% to 20% pre-bush tax levels. then estate taxes going as high as 55% with the $1 million exemption and currently the 35% with a $5 million exemption so we're definitely going to see a big change coming forward. >> so when will we feel it? >> well we won't feel it until 2014, when the majority of it, when the individuals file their 2013 taxes. the payroll tax cut was for individuals earning $50,000 a year, might fill a lessen in their total check in january, the majority not until 2014. >> so is there any way you can avoid higher taxes, any tricks? >> well essentially what individuals are doing is almost like a reverse philosophy, where previously individuals wanted to take as many deductions as they are right now to reduce their taxable base but individuals what they're realizing income levels if they can figure out how to accelerate their income now and take the deductions next year, for instance, using, making their charitable deductions, if you haven't made them already, make them next year and take that deduct
capital gains taxes increasing from 15% to 20% pre-bush tax levels. then estate taxes going as high as 55% with the $1 million exemption and currently the 35% with a $5 million exemption so we're definitely going to see a big change coming forward. >> so when will we feel it? >> well we won't feel it until 2014, when the majority of it, when the individuals file their 2013 taxes. the payroll tax cut was for individuals earning $50,000 a year, might fill a lessen in their total check...
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the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are before the end of the year when everybody's tax go up. >> we heard from senator reid earlier today. they were dealing, in his words, with a dictatorship. are we expected to hear from him or any of the players from the hill in terms of trying to move this forward, whether it's publicly, in the public arena or privately? >> we are. we're told we should expect to hear from the senate republican leader mitch mcconnell. the senate is in and he will likely take to the floor we're told and give a status report from his perspective. what we're talking about right now in the senate is whether or not the democrats
the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are...
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tax reform is fine, but not a net tax increase. what we have going forward is a -- the 2001, 2003 bush tax cuts that almost every democrat voted against. not commented on is the spectacle of the democrats calling over themselves about what a tragedy it would be to have the bush tax cuts, that they opposed and spent ten years trashing, including obama, that if they lapse that would be the end of the world. we're making progress. democrats are defending the bush tax cuts for 98% of the american people. for 100% of the american people, we'll take that 99%, 98% of movement by the democrats toward the taxpayer position. >> get to the point, grover. i know this argument. >> we don't see it in the established press very often. >> we see you on establishment press pretty often. we spoke on friday afternoon and it was on tv all weekend. the argument that your thoughts don't get out there, all i got were tweets over you being on. >> we are very big on the first amendment at cnn. >> good, look. what we need to do is extend bush era tax cuts f
tax reform is fine, but not a net tax increase. what we have going forward is a -- the 2001, 2003 bush tax cuts that almost every democrat voted against. not commented on is the spectacle of the democrats calling over themselves about what a tragedy it would be to have the bush tax cuts, that they opposed and spent ten years trashing, including obama, that if they lapse that would be the end of the world. we're making progress. democrats are defending the bush tax cuts for 98% of the american...
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childcare and dependent tax credit. earned income tax credit. and the american opportunity tax credit, part of the stimulus the president pushed through in 2009. that's a tax credit for people sending kids through college. these would refer to earlier tax credit levels. that would be money out of people's pockets. a lot of people who say this say it definitely hurts lower income families more than anything else. that said, i just spoke to senator johnny isakson, a republican, and he's sounding optimistic. >> i think we stand close to a deal. first of all, i'm not sure i have the inside information, but i do believe that the revenue issue is no longer a question. the question is making sure that any new revenues go toward debt spending reduction and deficit relief rather than new spending. it's deficits that got us into this problem. it's only reducing the deficit that's will get us out of this problem. >> the key there is it's my best belief that they've reached an agreement on revenues, that means on this issue of raising taxes on the wealthies
childcare and dependent tax credit. earned income tax credit. and the american opportunity tax credit, part of the stimulus the president pushed through in 2009. that's a tax credit for people sending kids through college. these would refer to earlier tax credit levels. that would be money out of people's pockets. a lot of people who say this say it definitely hurts lower income families more than anything else. that said, i just spoke to senator johnny isakson, a republican, and he's sounding...
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you got a fuel tax and fuel tax is a huge tax . they are using the argument to get better mileage now. maybe you don't need to do so much. it is based on mileage. >> wayne makes a good point about the privacy issue. transponder tracking my mile it is big brotherish. >> it is and john makes a good argument against it it is a important policy work. it is probably a bad idea. we don't need new tax. the mileage tax could hurt fuel efficient car it is the and questions of heavy congestion times and it is unworkable idea and why the obama administration distanced it. >> we have a trust fund in 2013 and that is to go to the roads. it will be negative and needs a fuel tax to fund it again. >> it is not too long. it will go negative in 2015. the gas tax is raised continuously since it was enacted in the 1950s. they are paying 64 cents a gallon in taxings. why is that the only proposal. it why not freedom. there is it public assets in every country but here at home. la guardia. terrible airport owned by the government. new mexico and new zea
you got a fuel tax and fuel tax is a huge tax . they are using the argument to get better mileage now. maybe you don't need to do so much. it is based on mileage. >> wayne makes a good point about the privacy issue. transponder tracking my mile it is big brotherish. >> it is and john makes a good argument against it it is a important policy work. it is probably a bad idea. we don't need new tax. the mileage tax could hurt fuel efficient car it is the and questions of heavy...
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the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an increase in the estate tax, which is also planned to hit in the new year. republicans would like, in order to be able to vote for some sort of deal, to limit that threshold and where -- a limit the threshold where the tax increase hits so maybe instead of $250,000 maybe $400,000, a way to avoid that estate tax increase, they would like no delay in those spending cuts, so that they will start to hit in the new year. and they would like democrats to agree to pay for the unemployment benefits. now we don't know if -- which of these items would be in the deal they're working out today, except
the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an...
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cut, not a tax increase, because taxes go up january 1st. i think the best way to answer is by telling you what mitch mcdonnell did, the senate republican leader, the point person with the vice president in the past 24 hours in these negotiations. he said, we are so close on almost everything that we should just hold a vote right now. he believes they're there. they have a deal on most of the -- all of the tax issues and most other issues except for one outstanding issue, and that is the sequester, those mandatory spending cuts, how to delay those and in what timetable and in what fashion. democrats simply haven't -- we haven't heard from harry reid yet but privately democrats are saying we're not ready to do that yet because we still don't think we have a deal. mitch mcconnell trying to push things along by saying that publicly, he's fine with voting on all of the things they have agreed on right now. >> dana, let's get back to this procedural issue. the vote in the house presumably tomorrow, but that only follows a vote in the senate. that
cut, not a tax increase, because taxes go up january 1st. i think the best way to answer is by telling you what mitch mcdonnell did, the senate republican leader, the point person with the vice president in the past 24 hours in these negotiations. he said, we are so close on almost everything that we should just hold a vote right now. he believes they're there. they have a deal on most of the -- all of the tax issues and most other issues except for one outstanding issue, and that is the...
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politically, members of congress will have to vet on tax cuts as opposed to now which are tax increases which are much harder to take. >> that's right. because the tax hikes will happen whether or not congress acts, so the school of thought here is that if republicans and temp kratz were to allow this just to happen, then they could vote for infect only tax cuts, not be on the record voting for tax hikes. now for the very staunch anti tax folks, it's unclear if that would really pass muster with them, but certainly this is something being considered you know, dana. >> absolutely. i'm sure the markets won't know that. brianna, good to see you. while in hawaii, president obama and first lady michelle obama paid their respects to late senator daniel inouye. inouye died last week from a respiratory illness. he was 88 years old. following that the president went to visit the grave of his old grandfather who is buried at the very same cemetery. >> he will be missed and remembered, as he was on sunday. >>> christmas eve, of course. crunch time for holiday travelers. a big storm out west, delay
politically, members of congress will have to vet on tax cuts as opposed to now which are tax increases which are much harder to take. >> that's right. because the tax hikes will happen whether or not congress acts, so the school of thought here is that if republicans and temp kratz were to allow this just to happen, then they could vote for infect only tax cuts, not be on the record voting for tax hikes. now for the very staunch anti tax folks, it's unclear if that would really pass...
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the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well including the child tax credit and the earned income tax credit. >>> from a mars landing to a deep water dive, scientific and technical breakthroughs this past year were amazing. here's john zarrella with a look at the top 10. >> at number 10 a revolutionary camera called litro. >> it's such a powerful technology breakthrough, that this will forever change how we take and experience pictures. >> it captures the entire light field ail louse the focus and perspective to be changed after its been taken. number nine, nasa's dawn spacecraft sent back staggers data about an as tro
the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well...
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to pay more taxes. i don't think they're eager to pay more taxes for one important reason, they just don't think the money is going to get used well. people just do not trust washington to spend their money effectively and i think if they had greater trust in washington, there would not be so much resistance to this, so the irony of this, don, is that this spectacle that we're seeing right now in washington is contributing to the problem and people see this, they're even more reluctant to pay taxes or to put up with the tax hike. so it is almost like it is a self-perpetuating problem. >> rick newman, thank you, sir. >> sure thing, don. >>> in other news, he's remembered as a liberator, not a conqueror. tributes pouring in for general norman schwarzkopf. he died yesterday in tampa, florida. he became a household name in the '90s when he led coalition forces in first gulf war. he once told larry king he hated war. president obama called schwarzkopf's death the loss of an american original. norman schwarzk
to pay more taxes. i don't think they're eager to pay more taxes for one important reason, they just don't think the money is going to get used well. people just do not trust washington to spend their money effectively and i think if they had greater trust in washington, there would not be so much resistance to this, so the irony of this, don, is that this spectacle that we're seeing right now in washington is contributing to the problem and people see this, they're even more reluctant to pay...
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all the bush tax cuts, all of them will expire with taxes going up an average of $1600 per household. the payroll tax holiday also expires. that means the tax burden will go up an average $z700 per household extra. extended unemployment benefits expire so collection shrinks from 93 weeks to 26 weeks. the medicare doc fix expires, that means a 27% cut in physician payments. the alternative minimum tax expands to 27 million more americans and obama care taxes hit, meaning a 0.9% jump in the medicare payroll tax for those earning $200,000 or more. but what about the house of representatives? they left town after republicans failed to bring a vote on their own plan b last week. ohio republican congressman steve latourette seems kpas rat -- kpas rated about all of this. you're on your way out and you repudiated the norquist pledge which you signed back in 1994. tell me why? >> well, i repudiated it because, listen, it's not 1994 anymore. the world has moved on. we have the euro, we've had september 11th, a lot of things have happened. and quite frankly, this calls for a big solution. it ca
all the bush tax cuts, all of them will expire with taxes going up an average of $1600 per household. the payroll tax holiday also expires. that means the tax burden will go up an average $z700 per household extra. extended unemployment benefits expire so collection shrinks from 93 weeks to 26 weeks. the medicare doc fix expires, that means a 27% cut in physician payments. the alternative minimum tax expands to 27 million more americans and obama care taxes hit, meaning a 0.9% jump in the...
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protests staged by those facing loss of jobs, pay cuts and higher taxes as the government begs for more. >> it lives on but for how long? >>> number two, the deadliest month to date as intensified the use of air fire. >> how much longer could this man hold on to power? he was under ever more intense pressure to step down. but his regime stepped up the fire power against the opposition. civilians caught in the cross fire. more than fortiy thousand people have died so far. >> this is yet another red line. >> the opposition fights on, making more dramatic gains and gaining pledges of additional support from the international community. number one. she fought back from the brink of death after being attacked on a school bus. the taliban shot malala in the head because she was an outspoken advocate of education. but books won over bullets. the fifteen-year-old survived. she immediately asked for her school books. the world was gripped, moved, and inspired by the story of one determined young girl facing down an entire network of armed militants and winning. >> next, the stories that made new
protests staged by those facing loss of jobs, pay cuts and higher taxes as the government begs for more. >> it lives on but for how long? >>> number two, the deadliest month to date as intensified the use of air fire. >> how much longer could this man hold on to power? he was under ever more intense pressure to step down. but his regime stepped up the fire power against the opposition. civilians caught in the cross fire. more than fortiy thousand people have died so far....
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raising taxes on the middle class. he is planning his next move if the two sides can't carve out a compromise. >> pressure on congress to produce if they don't, what i've said is that in the senate we should go ahead and swrus legislation that makes sure middle class taxes stay where they are and an support or down vote. everybody should have the right to vote on that. if republicans don't like it, they can vote no. >> and everybody on the record to what they have to do. the senate won't come into session until 11:00 today. 11:00 eastern. we don't want to wake them up too early on new year's eve. it's going to he about a late night. let's speak with someone on capitol hill. republican michael burgess. a republican from texas. thank you for being up today. a lot of americans think you should be awake and probably shouldn't have too much sleep last night. pretty generally disgusted about what's been going on. give us some hope and reason not to be entirely, entirely disgusted that in 517 days of knowing this day is comin
raising taxes on the middle class. he is planning his next move if the two sides can't carve out a compromise. >> pressure on congress to produce if they don't, what i've said is that in the senate we should go ahead and swrus legislation that makes sure middle class taxes stay where they are and an support or down vote. everybody should have the right to vote on that. if republicans don't like it, they can vote no. >> and everybody on the record to what they have to do. the senate...
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do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll be waiting to see exactly when president obama is coming back but we understand that the senate even though it reconvenes on thursday may not, senate democrats may not roll out a bill until closer to the new year. also get some republican support and put pressure on the house to take it up. >> we'll be following that very closely. have a wonderful christmas and of course we'll talk with you a little bit later. if there are any developments on the fiscal cliff. stay with cnn for any movement on that standoff day or night. we're the woolstons in turkey. i'm joel. >> katy, sidney, brittany. >> we'd like
do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll...
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Dec 25, 2012
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tax cuts as opposed to before january 1st, they'll have to take a vote on tax increases? >> well, i think the president is keenly aware of the fact that going over the cliff, the so-called cliff without a congressional solution is not good for average americans. so i think he'll do everything to avoid it. he's coming back early from that short trip to hawaii. but i think that that clip you played from mr. norqist is really an important observation that we can see from that clip. he's talking about a long struggle about taxes and entitlements but right now, what it comes down to is -- will the republicans support legislation right now in these next seven days which are going to protect -- which would protect average americans from the real hardships that might be imposed upon them if we do nothing? or if they're not -- if republicans won't support this immediate legislation, will they, you know, will they make everyone be held hostage to their tax pledge to grooefr norqist? this is one man who is set on no new taxes on millionaires or on anybody and if the republicans hold
tax cuts as opposed to before january 1st, they'll have to take a vote on tax increases? >> well, i think the president is keenly aware of the fact that going over the cliff, the so-called cliff without a congressional solution is not good for average americans. so i think he'll do everything to avoid it. he's coming back early from that short trip to hawaii. but i think that that clip you played from mr. norqist is really an important observation that we can see from that clip. he's...
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Dec 28, 2012
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that also means a delay in tax refunds. the treasury department normally sends out about $72 million in tax refunds in january and february. that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall and don't come through and the cliff comes, people will, indeed, feel it all over this country. >>> u.s. army general whose temper earned him the name stormin' norman has died. general norman schwarzkopf was one of the most celebrated military leaders in the post-vietnam era. he led coalition forces pushing iraq out of kuwait in 1991's "operation desert storm." the retired general died yesterday in tampa, florida, at age 78. >>> former president george h.w. bush released this statement. he says, "general schwarzkopf epitomized the duty
that also means a delay in tax refunds. the treasury department normally sends out about $72 million in tax refunds in january and february. that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall...
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Dec 31, 2012
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the month is almost over and we are one day over from americans getting tax hikes. randall pinkston is live with the lack of opt -- optimism. >> reporter: yes, but the senate and house are in town. unusual between new year's and christmas for that to happen. one senator is calling it not a great attitude in congress right now. >> senator? >> reporter: 7 tors arrived to continue last-minute negotiations hours before the nation is set to fall off of the so-called fiscal cliff. after a day of intense talks, senate majority leader, harry reid said there will not be a deal tonight. >> there is a distance between the two sides, tpheg orbingiations continue. >> if republicans and democrats can not strike a deal, taxes will go up for almost every american, automatic cuts will kick in and millions will loose unemployment benefits. >> i want everyone to know i am will willing to get this done but i need a dance partner. >> they quickly cut the deficit by slowing the growth of social security but the senate says there is a little bit of movement when they are compromising whic
the month is almost over and we are one day over from americans getting tax hikes. randall pinkston is live with the lack of opt -- optimism. >> reporter: yes, but the senate and house are in town. unusual between new year's and christmas for that to happen. one senator is calling it not a great attitude in congress right now. >> senator? >> reporter: 7 tors arrived to continue last-minute negotiations hours before the nation is set to fall off of the so-called fiscal cliff....
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, instead just voting to reinstate a tax cut, that then it sort of president obama's tax cut so he gets credit for that. >> do you have any sense of what will happen around that table today? who called the meeting if there's an agenda or are they going to sit around and stare at each other until one of them blinks? >> we don't have a sense. i'm sure that we will be getting a sense. this is supposed to take place at 3:00 p.m. at the white house. the vice president, president and four top congressional leaders. we don't know what will be said. i think we will likely hear from some camps afterwards. >> if you are wondering what a trip down the fiscal cliff might mean for your paycheck, for your 401(k), look no further than yesterday's dow. at the opening bell, a dive of more than 1%. investors finding little hope for the fiscal cliff compromise on capitol hill. when word came down two sides might be meeting. reversal of fortune. the dow rebounding for a while before finishing slightly lower. >>> a nation this morning remembering the american general credited with orchestrating one of the m
, instead just voting to reinstate a tax cut, that then it sort of president obama's tax cut so he gets credit for that. >> do you have any sense of what will happen around that table today? who called the meeting if there's an agenda or are they going to sit around and stare at each other until one of them blinks? >> we don't have a sense. i'm sure that we will be getting a sense. this is supposed to take place at 3:00 p.m. at the white house. the vice president, president and four...
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Dec 26, 2012
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taxes because these are tax deferred accounts. >> okay, so probably safe to say don't touch them but how can you avoid the knee-jerk reactions when you see you're losing so much money? >> we've seen it. in 2009, the sky is falling, chicken little and everything's going wrong and we can't seem to, we want to jump out of the market. those in 2009 missed a 130% return in the market because they dived out at the bottom. we don't want to be a part of the individuals who as we want to buy, we want to buy low and sell high and that might be an old cliche but it works. what a lot of individuals are trying to do, they're doing is i want to sell, get rid of the risk and jump out because the fiscal cliff seems too much to take. this is one small blip in a long-term scheme of investment strategy. five plus years we should be looking at, not just a few months time span that's caused by political agenda. our economic agenda and fiscal house says let's not make any rash decisions and do some things that we'd look back on and say i missed a lot of good return. >> all right, thank you so much, ryan m
taxes because these are tax deferred accounts. >> okay, so probably safe to say don't touch them but how can you avoid the knee-jerk reactions when you see you're losing so much money? >> we've seen it. in 2009, the sky is falling, chicken little and everything's going wrong and we can't seem to, we want to jump out of the market. those in 2009 missed a 130% return in the market because they dived out at the bottom. we don't want to be a part of the individuals who as we want to...
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Dec 24, 2012
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it looks like we're going to get a little bit of extension it it of the tax, the bush tax credits or the bush tax cuts and see unemployment benefits, you know, extended for about 2 million people. and as a result, we're going to see a lot of discussion and little results except higher taxes, that's for sure. >> and one thing that surprised me, we know that taxes will remain the same until the end of the year. we assume that taxes are going to go up after the first of the year. so, why aren't people cashing out right now if they have gains, cash out right now, collect your gains at the lower tax rates and buy back in in january depending on what happens with the fiscal cliff? >> yeah, i mean, i actually have a lot of clients where we are literally selling their portfolio, capturing their cost basis now and reestablishing a new cost basis because we know for a fact we'll see 3.8% next year just from the obamacare tax and other taxes and we're seeing people do that. you're not necessarily seeing it in the market because about, i think something close to very, very small percentage of th
it looks like we're going to get a little bit of extension it it of the tax, the bush tax credits or the bush tax cuts and see unemployment benefits, you know, extended for about 2 million people. and as a result, we're going to see a lot of discussion and little results except higher taxes, that's for sure. >> and one thing that surprised me, we know that taxes will remain the same until the end of the year. we assume that taxes are going to go up after the first of the year. so, why...
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Dec 26, 2012
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two other firefighters were injured. >> will you soon be paying higher taxes? that will be the reality if both sides in washington cannot reach a deal on the fiscal cliff. president obama and house speaker john boehner are still far apart on any agreement. they'll be back in washington later this week to try to reach a compromise. >>> and season's greetings from way up high. astronauts aboard the international space station are taking time to share in the holiday spirit. after wishing everyone a merry christm christmas, look at this, one of the crew members had a little fun, a little gravity free fun with the tree. i'm victor blackwell. more of cnn's top ten of 2012 coming up. >>> three, two, one. and liftoff. liftoff. >> may, 2012, spacex launches a rocket into space, becoming the first international company to launch into the space station. private companies instead of nasa sending cargo and eventually humans to space. and one of our top scientific and technological break throughs of 2012. it was a banner year for bad behavior and not all of it easy to stomac
two other firefighters were injured. >> will you soon be paying higher taxes? that will be the reality if both sides in washington cannot reach a deal on the fiscal cliff. president obama and house speaker john boehner are still far apart on any agreement. they'll be back in washington later this week to try to reach a compromise. >>> and season's greetings from way up high. astronauts aboard the international space station are taking time to share in the holiday spirit. after...
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the federal income taxes will go up. if lawmakers to come to an agreement, they are likely to leave it that way. sarah sampson, wbal-tv 11 news. >> the ravens game was kind of like the iowa caucus of the regular season. everybody gets to participate. it does not matter if you lose. you learn in the process. >> neither team could improve their playoff position. cincinnati chose to place starters for much of the game. the ravens nearly won the game in cincinnati. in the first quarter, anthony allen, a first touchdown of his career. we saw a bunch of taylor today. he is swift with the feet. the ravens have the 14-13 lead. now trailing 16-14. taylor does not have much height. dunlop has plenty. that would be the play of the game. the ravens fall 23-17. the ravens will host a playoff game this coming weekend. we know it will be the colts' coming to town. we just do not know when. more coming up in sports. >> now we want to get a first look at the forecast. >> it was windy and cold today. things are settling down. the wind wil
the federal income taxes will go up. if lawmakers to come to an agreement, they are likely to leave it that way. sarah sampson, wbal-tv 11 news. >> the ravens game was kind of like the iowa caucus of the regular season. everybody gets to participate. it does not matter if you lose. you learn in the process. >> neither team could improve their playoff position. cincinnati chose to place starters for much of the game. the ravens nearly won the game in cincinnati. in the first quarter,...
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to work out a deal to keep the country from going over that fiscal cliff next week, which would send taxes soaring while slashing spending. >>> meanwhile, hollywood has something to celebrate as we close out 2012. it's been a very big year in the movies, with the number of tickets sold in the u.s. up for the first time in three years. the domestic box office take is set to hit a record $10.8 billion, with ticket sales up 5.6%. quite an accomplishment in the age of impressive home theaters. >>> meanwhile, when we come back, travelers weren't the only ones fed up with holiday deals. what an angry pilot had to say to his passengers about the matter. >>> also, proof that you do not have to be a kid to get excited over your christmas present. you really have to stay tuned for this. the family behind this viral video is sharing their joy. how do you do that? well, inside the brewer, there's this train that's powerful enough to carry more coffee and fresh water to make coffee that's stronger and bigger... and even hotter! actually, i just press this button. brew the coffee you love -- stronger, b
to work out a deal to keep the country from going over that fiscal cliff next week, which would send taxes soaring while slashing spending. >>> meanwhile, hollywood has something to celebrate as we close out 2012. it's been a very big year in the movies, with the number of tickets sold in the u.s. up for the first time in three years. the domestic box office take is set to hit a record $10.8 billion, with ticket sales up 5.6%. quite an accomplishment in the age of impressive home...
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but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why are they so in sis ten we raise tacks on someone? >> do you get the idea there's a discussion going on in the senate. i turn on the tv and different senators are taking to the floor and he they are speaking 209 other senators that might be there or the american people but what about in the halls of the u.s. senate? are people talk and negotiating, trying to work on solutions? >> the way it's been set up is for a few people in leadership, and i always joke i have to ask people in the media what's going on with the fiscal cliff thing because we don't
but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why...
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do you cut taxes, do you cut spending, what do you do? >> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at th
do you cut taxes, do you cut spending, what do you do? >> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it...
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celebrating christmas, but surely there is some more work to be done obviously trying to avoid the huge tax hikes, the spending cuts that are going to take affect for the new year. do we know if the president sen gauged in talks or negotiations regarding the fiscal cliff? >> reporter: we know the white house is at this point, suzanne. it's really the white house and senate democrats who are talking at this point. congressional democrats and republicans are not talking, and this is important to note as the senate is set to reconvene on thursday. at some point take up some sort of measure that harry reid will have cobbled together hoping to get some republican support. but right now it is possible, of course, to resolve this. it's also possible according to a lot of sources that we're talking to that we do go over the cliff, but at this point the white house talking to senate democrats about what their proposal is that they'll be putting out here in the nex week. >> if there was some break through i'm assuming the president would cut his vacation short and go back to washington? is that what
celebrating christmas, but surely there is some more work to be done obviously trying to avoid the huge tax hikes, the spending cuts that are going to take affect for the new year. do we know if the president sen gauged in talks or negotiations regarding the fiscal cliff? >> reporter: we know the white house is at this point, suzanne. it's really the white house and senate democrats who are talking at this point. congressional democrats and republicans are not talking, and this is...
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but there's also a number of smaller tax measures that are set to expire. they sort of create their own set of problems, even for some democrats. so he may really need to do some lobbying on a few of them, don. >> brianna, how did he spend christmas? >> reporter: christmas, we talked about this yesterday. we said we wouldn't be surprised if he went to visit troops as he's done in past years. indeed he did end up doing that. he went a short distance from where he and the first family rent a home, to a military station here an oahu. and he visits with troops thanking them for their service and also thanking their families for their service. he said to them, we know the sacrifice that our military men and women make in defending our country. but sometimes it gets lost just how much of a sacrifice the families make as well. and as you know, don, first lady, michelle obama, has been really active with military families along with jill biden. so that was something also that was really important to her. >> brianna keilar in honeymoon lulu, thank you, brianna. >>>
but there's also a number of smaller tax measures that are set to expire. they sort of create their own set of problems, even for some democrats. so he may really need to do some lobbying on a few of them, don. >> brianna, how did he spend christmas? >> reporter: christmas, we talked about this yesterday. we said we wouldn't be surprised if he went to visit troops as he's done in past years. indeed he did end up doing that. he went a short distance from where he and the first family...
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to cut taxes. a much easier vote to cast for republicans as well as some democrats. as for the president, is he nhe scheduled to leave his family tonight, come back to washington tomorrow morning, in the hopes of helping his fellow democrats try to find enough republicans to pass his plan. but of course this goes without saying that was a plan that most if not all republicans campaigned very strongly against. >> the most likely scenario is actually did go off the cliff now. ryan liza is our correspondent from washington. you look at this and we're hearing echos of the past. the republican speaker from the house of representatives said, and i have it here somewhere, i don't want to be critical of john, meaning john boehner, but if you don't ever bring something to the floor without the votes. so this is what happened last thursday night where he brought this bill to the floor, his plan b, and it went nowhere. was that a major miscalculation for him? >> it was. look, denny was the speakner nea differ
to cut taxes. a much easier vote to cast for republicans as well as some democrats. as for the president, is he nhe scheduled to leave his family tonight, come back to washington tomorrow morning, in the hopes of helping his fellow democrats try to find enough republicans to pass his plan. but of course this goes without saying that was a plan that most if not all republicans campaigned very strongly against. >> the most likely scenario is actually did go off the cliff now. ryan liza is...
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it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and tax reform, because americans want tax reform and we don't want to hurt the economy, and, look there, are not enough millionaires in the united states to tax them all to be able to spend our way out of this problem. so let's -- let's give up a little bit -- each side can concede a little. and i think we can fin middle ground. i'm optimistic. >> we had your colleague nan hayworth last hour. she was expecting work to be done in the senate. the house did its best, boehner did his best, now it's up to the senate to come up with something. is that your position now
it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and...
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two other firefighters were injured. >> will you soon be paying higher taxes? that will be the reality if both sides in washington cannot reach a deal on the fiscal cliff. president obama and house speaker john boehner are still far apart on any agreement. they'll be back in washington later this week to try to reach >> number eight, the wheels fly off the bike. cycling superstar lance armstrong had endured the swirl of steroid rumors for years, but that all changed in august. the seven-time tour de france winner was stripped of his title, lost his sponsorships and even left the board of his charity, live strong, after they found that he engaged in a long-term pattern of blood doping during his career. armstrong still denies using performance enhancing drugs. >> number seven, wrong side of the street. few things are more universal for american children than sesame street and elmo, which makes the elmo sex scandal all the more shocking. kevin clash resigned as the iconic voice of elmo after allegations surfaced that years ago, he had sexual contact with underage
two other firefighters were injured. >> will you soon be paying higher taxes? that will be the reality if both sides in washington cannot reach a deal on the fiscal cliff. president obama and house speaker john boehner are still far apart on any agreement. they'll be back in washington later this week to try to reach >> number eight, the wheels fly off the bike. cycling superstar lance armstrong had endured the swirl of steroid rumors for years, but that all changed in august. the...
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Dec 27, 2012
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big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats don't think that the president will have much political damage. that does seem to be coming more from democrats here in congress than in the white house. democrats here in congress feel that it's a win-win for them politically. the one thing i will tell you very quickly, the pushback on this narrative that i heard from senate republican leader in the hallway. he said, do you remember who the speaker was during the hoover administration? i said, no. he said, that's my point. nobody will remember who the speaker was if ge into a recession but it's the preside
big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats...
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>> back in '69 they came out with something called "minimum tax." and in '82, the alternative minimum tax and this was a way to make sure the ch wealthy pay their fair share. this is how to level the playing field a little bit. this simply says now it's around $74,500. if -- it will go down to about $45,000 if the fiscal cliff goes off and nothing is done to adjust it. individuals now getting $45,000 back in '82 when first enarngted which is a lot different than $45,000 today. so if individuals earning $45,000 today might be impacted by additional taxes by this amt if something's not done. and, again, this is just a way to try to -- the problem with the amt is it wasn't adjusted for inflation so as time went on and prices have gone up and people have made more money and inflation has gone into place, things have not adjusted for the what the amt is now currently so this is going to be a big piece and those in the finance world are looking at making sure that this thing doesn't come into play. come 2014, people will have a big surprise if they file t
>> back in '69 they came out with something called "minimum tax." and in '82, the alternative minimum tax and this was a way to make sure the ch wealthy pay their fair share. this is how to level the playing field a little bit. this simply says now it's around $74,500. if -- it will go down to about $45,000 if the fiscal cliff goes off and nothing is done to adjust it. individuals now getting $45,000 back in '82 when first enarngted which is a lot different than $45,000 today....
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i can report we have reached an agreement on all of the tax, the tax, the tax issues. >>reporter: lawmakers are saying to avoid americans getting hammered by new taxes in the new year get this part done, and work out the other issues that are still on the table in the new year. the bottom line, republican senators are being briefed by the lead negotiator at this hour. >> thank you, mike emanuel. >> the late word is there will be no vote in the house of representatives because there is nothing to vote on. so we are tumbling over the fiscal cliff for now. the question after the interview, president obama sitting down with one sunday talk show host yesterday and that host is capping flak if not asking the tough questions on taxes and spending and follow-up >> politics is always messy. people have asked me about the film "lincoln" and --. >> is this your lincoln moment? >> no, i never compare myself to lincoln. and, obviously the magnitude of the issues are quite different from the civil war and slavery. >> how accountable are you for the fact that washington is not gettin
i can report we have reached an agreement on all of the tax, the tax, the tax issues. >>reporter: lawmakers are saying to avoid americans getting hammered by new taxes in the new year get this part done, and work out the other issues that are still on the table in the new year. the bottom line, republican senators are being briefed by the lead negotiator at this hour. >> thank you, mike emanuel. >> the late word is there will be no vote in the house of representatives because...
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-- tax rates on people that make over $400,000. i don't think that's a good idea because i think it hurts job creation. the better way to get revenue is to eliminate deductions and exemptions for businesses and wealthy individuals and take that money back into the treasury, lower tax rates to create jobs and pay down debt. that's what bowles-simpson did. not juan bipartisan group who has tried to solve our debt problem and our spending problem and our revenue problem suggested raising tax rates. bools, a -- bowles-simpson, a bipartisan group, actually lowered tax rates and did it by eliminating deductions and exemptions and they put a lot of money on the debt, they had a 25% corporate rate and the top personal rate was 30%. they took this $1.2 trillion we give out every year in exemptions and deductions to the favored few, they brought it back into the treasury, they paid down debt and they lowered tax rates to help create jobs. this president's approach is the opposite of simpson-bowles and the gang of six. you had six senators, t
-- tax rates on people that make over $400,000. i don't think that's a good idea because i think it hurts job creation. the better way to get revenue is to eliminate deductions and exemptions for businesses and wealthy individuals and take that money back into the treasury, lower tax rates to create jobs and pay down debt. that's what bowles-simpson did. not juan bipartisan group who has tried to solve our debt problem and our spending problem and our revenue problem suggested raising tax...
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Dec 24, 2012
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and defending on details of your own situation, various tax breaks slipping away. in other words what we're calling the fiscal cliff. a plan to stop it all from happening still alludes washington, so congress has broken camp for the holidays and the president has gone to holiday on vacation. brianna keilar is out there for us in honolulu, eight days away from the fiscal cliff. are there any contacts occurring on this topic between the president and anyone in congress, briana? >> reporter: there is an open line of communication, i would say, with senate democrats, hala. but there is really no substantive conversations between the folks that you with need for there to be conversations between in order to strike a deal. the white house and congressional republicans, and perhaps more alarmingly, senate democrats are not in conversations right now with senate republicans or with house republicans. and this is problematic obviously because in order to avoid the fiscal cliff, you would need to find some sort of deal that would make it through the senate and the house and
and defending on details of your own situation, various tax breaks slipping away. in other words what we're calling the fiscal cliff. a plan to stop it all from happening still alludes washington, so congress has broken camp for the holidays and the president has gone to holiday on vacation. brianna keilar is out there for us in honolulu, eight days away from the fiscal cliff. are there any contacts occurring on this topic between the president and anyone in congress, briana? >> reporter:...
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but congress can undo those tax hikes if the house passes the senate's bill. vice president biden, who was instrumental in brokering the deal, told reporters he's hopeful it can get through the house but you never know. >> you shouldn't predict how the senate will vote before they vote and number two, you surely shouldn't predict how the house is going to vote. >> reporter: it would extend tax cuts for all workers earning under $400,000 and raise taxes on people above that level and prevent a big tax hike in an estate valued at less than $5 million and extend unemployment benefits for 2 million people. the house will take it up later this morning, the hope is that chamber can pass it before the economy is rocked by the tax hikes. >> happy new year. i feel very, very good. >> reporter: president obama called the senate vote the right thing to do for the country and he encouraged the house to pass it right away. >> all right, abc's tahman bradley reporting from washington. thanks. have a very happy new year. we know you're going to be today, tahman. >> same to y
but congress can undo those tax hikes if the house passes the senate's bill. vice president biden, who was instrumental in brokering the deal, told reporters he's hopeful it can get through the house but you never know. >> you shouldn't predict how the senate will vote before they vote and number two, you surely shouldn't predict how the house is going to vote. >> reporter: it would extend tax cuts for all workers earning under $400,000 and raise taxes on people above that level and...
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Dec 27, 2012
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that moved the tax hike needle to $400,000. no word on when the house might come back with time ticking away. democrats are hoping the scaled-back plan could get through the house, senate and white house before january 1st. sometime on december 30th, maybe even new year's eve is when they're probably going to get that deal done but let's go to jonathan allen, a senior washington correspondent for politico. the top headline on politico this morning, fiscal cliff deal increasingly unlikely. jonathan, really? >> i think there's a lot of pessimism here in washington. you've got, as you pointed out, five days left. i think the real indicator here is that none of these parties are moving off their position. the senate democrats, the house republicans, the white house. there hasn't been any reason for folks to look at what's going on and say, oh, i see where a deal could be coming together. so what you've got is what's described in economic game theory is where everyone has decided on their strategy, looked at the strategies of the oa
that moved the tax hike needle to $400,000. no word on when the house might come back with time ticking away. democrats are hoping the scaled-back plan could get through the house, senate and white house before january 1st. sometime on december 30th, maybe even new year's eve is when they're probably going to get that deal done but let's go to jonathan allen, a senior washington correspondent for politico. the top headline on politico this morning, fiscal cliff deal increasingly unlikely....
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Dec 27, 2012
12/12
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a poll shows nearly half of americans are doubtful the sides can settle their differences. >> taxes will go up and the 30 million households at least. that is something politicians will respond to it. >> house republican leaders called on the senate to pass two bills this it would avoid the as a booklet. republicans said the lines of communications are still open but the house will not react until the senate does. >> as we ring in the new year next week, maryland will enact new laws. some key provisions that go into effect on the first. >> about a dozen state laws will go into effect when the clock reaches midnight next tuesday. we picked a few of them to highlight some of them may have heard about already. some of them, maybe not. with any new year comes new opportunities, new experiences, and new laws. after a contentious battle, gay couples and the maryland will be able to say "i do" on january 1. couples will not go into affect until 2013 -- marriage licenses will not go into affect until 2013. elections will not be held on the same cycle as presidential elections in baltimore. it wi
a poll shows nearly half of americans are doubtful the sides can settle their differences. >> taxes will go up and the 30 million households at least. that is something politicians will respond to it. >> house republican leaders called on the senate to pass two bills this it would avoid the as a booklet. republicans said the lines of communications are still open but the house will not react until the senate does. >> as we ring in the new year next week, maryland will enact...
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Dec 26, 2012
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does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the likelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort of risk management systems these banks have in place? are they planning for the next ceo? are they communicating to the employees what sort of risks they want to undertake? gerri: didn't we see that with jpmorgan chase? they made the big a big bet and lost a ton of dough? >> exactly. you can consider regulators are trying to take a more holistic approach -- pardon me for using outward. gerri: if they only knew how. they are so far away from what really goes on in these prints. it's hard for them to even understand businesses. how likely do you th
does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the likelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort...